Competition and Performance in the Hungarian Second Pillar
The performance of the Hungarian second pillar since inception has been mixed. This is partly due to a less than satisfactory support for the 1997 pension reform, conservative fund portfolio distributions, the hybrid nature of the mandatory pension fund system, the segmented nature of the market in...
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| Format: | Policy Research Working Paper |
| Language: | English |
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World Bank, Washington, DC
2012
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| Online Access: | http://documents.worldbank.org/curated/en/2006/04/6691780/competition-performance-hungarian-second-pillar http://hdl.handle.net/10986/8331 |
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okr-10986-83312021-04-23T14:02:40Z Competition and Performance in the Hungarian Second Pillar Impavido, Gregorio Rocha, Roberto ACCOUNTING ACCOUNTING STANDARDS ASSET MANAGEMENT ASSET MANAGEMENT COMPANIES ASSETS BENCHMARK BONDS CAPITAL MARKETS CAPITAL REQUIREMENTS DEBT DISCLOSURE DISCLOSURE RULES DOMESTIC INVESTMENT EQUITY MARKETS FINANCIAL INSTITUTIONS FINANCIAL SECTOR FISCAL ADJUSTMENT FISCAL DEFICIT FISCAL DEFICITS FISCAL POLICY FIXED INCOME GDP GOVERNMENT BALANCE GOVERNMENT BONDS GOVERNMENT DEBT GOVERNMENT SECURITIES GROSS NATIONAL SAVINGS INDEXATION INFLATION INFLATION RATE INFLATION RATES INTEREST RATE INTEREST RATES INVENTORIES INVESTMENT REGULATION INVESTMENT RETURN LIQUIDITY MERGERS MUTUAL FUND MUTUAL FUND SHARES NOMINAL INTEREST RATES PAYOUT PENSION FUND PENSION FUNDS PENSION REFORM PENSION SYSTEMS PER CAPITA INCOME PORTFOLIO PORTFOLIO COMPOSITION PORTFOLIOS PRIVATE EQUITY PRIVATE PENSION PROFIT MOTIVE PUBLIC DEBT PUBLIC SECTOR RATE OF RETURN RATES OF RETURN REAL INTEREST RATES REAL RATE OF RETURN REAL RATES OF INTEREST REAL WAGE REGULATORY FRAMEWORK RISK PREMIUM SECURITIES T-BILLS TRANSPARENCY TRUSTS VALUATION WAGES The performance of the Hungarian second pillar since inception has been mixed. This is partly due to a less than satisfactory support for the 1997 pension reform, conservative fund portfolio distributions, the hybrid nature of the mandatory pension fund system, the segmented nature of the market in terms of costs, and a less than aggressive commitment on the part of the Hungarian Financial Supervisory Authority to a low-cost, transparent, and competitive equilibrium. In the accumulation phase, the authorities would need to further promote transparency and comparability of information on costs and investment performance, facilitate migration to lower cost funds, and more generally promote competition. The regulatory framework of the payout phase needs to be overhauled before the first cohort of workers retires. 2012-06-18T19:49:24Z 2012-06-18T19:49:24Z 2006-04 http://documents.worldbank.org/curated/en/2006/04/6691780/competition-performance-hungarian-second-pillar http://hdl.handle.net/10986/8331 English Policy Research Working Paper; No. 3876 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research Europe and Central Asia Hungary |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
ACCOUNTING ACCOUNTING STANDARDS ASSET MANAGEMENT ASSET MANAGEMENT COMPANIES ASSETS BENCHMARK BONDS CAPITAL MARKETS CAPITAL REQUIREMENTS DEBT DISCLOSURE DISCLOSURE RULES DOMESTIC INVESTMENT EQUITY MARKETS FINANCIAL INSTITUTIONS FINANCIAL SECTOR FISCAL ADJUSTMENT FISCAL DEFICIT FISCAL DEFICITS FISCAL POLICY FIXED INCOME GDP GOVERNMENT BALANCE GOVERNMENT BONDS GOVERNMENT DEBT GOVERNMENT SECURITIES GROSS NATIONAL SAVINGS INDEXATION INFLATION INFLATION RATE INFLATION RATES INTEREST RATE INTEREST RATES INVENTORIES INVESTMENT REGULATION INVESTMENT RETURN LIQUIDITY MERGERS MUTUAL FUND MUTUAL FUND SHARES NOMINAL INTEREST RATES PAYOUT PENSION FUND PENSION FUNDS PENSION REFORM PENSION SYSTEMS PER CAPITA INCOME PORTFOLIO PORTFOLIO COMPOSITION PORTFOLIOS PRIVATE EQUITY PRIVATE PENSION PROFIT MOTIVE PUBLIC DEBT PUBLIC SECTOR RATE OF RETURN RATES OF RETURN REAL INTEREST RATES REAL RATE OF RETURN REAL RATES OF INTEREST REAL WAGE REGULATORY FRAMEWORK RISK PREMIUM SECURITIES T-BILLS TRANSPARENCY TRUSTS VALUATION WAGES |
| spellingShingle |
ACCOUNTING ACCOUNTING STANDARDS ASSET MANAGEMENT ASSET MANAGEMENT COMPANIES ASSETS BENCHMARK BONDS CAPITAL MARKETS CAPITAL REQUIREMENTS DEBT DISCLOSURE DISCLOSURE RULES DOMESTIC INVESTMENT EQUITY MARKETS FINANCIAL INSTITUTIONS FINANCIAL SECTOR FISCAL ADJUSTMENT FISCAL DEFICIT FISCAL DEFICITS FISCAL POLICY FIXED INCOME GDP GOVERNMENT BALANCE GOVERNMENT BONDS GOVERNMENT DEBT GOVERNMENT SECURITIES GROSS NATIONAL SAVINGS INDEXATION INFLATION INFLATION RATE INFLATION RATES INTEREST RATE INTEREST RATES INVENTORIES INVESTMENT REGULATION INVESTMENT RETURN LIQUIDITY MERGERS MUTUAL FUND MUTUAL FUND SHARES NOMINAL INTEREST RATES PAYOUT PENSION FUND PENSION FUNDS PENSION REFORM PENSION SYSTEMS PER CAPITA INCOME PORTFOLIO PORTFOLIO COMPOSITION PORTFOLIOS PRIVATE EQUITY PRIVATE PENSION PROFIT MOTIVE PUBLIC DEBT PUBLIC SECTOR RATE OF RETURN RATES OF RETURN REAL INTEREST RATES REAL RATE OF RETURN REAL RATES OF INTEREST REAL WAGE REGULATORY FRAMEWORK RISK PREMIUM SECURITIES T-BILLS TRANSPARENCY TRUSTS VALUATION WAGES Impavido, Gregorio Rocha, Roberto Competition and Performance in the Hungarian Second Pillar |
| geographic_facet |
Europe and Central Asia Hungary |
| relation |
Policy Research Working Paper; No. 3876 |
| description |
The performance of the Hungarian second pillar since inception has been mixed. This is partly due to a less than satisfactory support for the 1997 pension reform, conservative fund portfolio distributions, the hybrid nature of the mandatory pension fund system, the segmented nature of the market in terms of costs, and a less than aggressive commitment on the part of the Hungarian Financial Supervisory Authority to a low-cost, transparent, and competitive equilibrium. In the accumulation phase, the authorities would need to further promote transparency and comparability of information on costs and investment performance, facilitate migration to lower cost funds, and more generally promote competition. The regulatory framework of the payout phase needs to be overhauled before the first cohort of workers retires. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Impavido, Gregorio Rocha, Roberto |
| author_facet |
Impavido, Gregorio Rocha, Roberto |
| author_sort |
Impavido, Gregorio |
| title |
Competition and Performance in the Hungarian Second Pillar |
| title_short |
Competition and Performance in the Hungarian Second Pillar |
| title_full |
Competition and Performance in the Hungarian Second Pillar |
| title_fullStr |
Competition and Performance in the Hungarian Second Pillar |
| title_full_unstemmed |
Competition and Performance in the Hungarian Second Pillar |
| title_sort |
competition and performance in the hungarian second pillar |
| publisher |
World Bank, Washington, DC |
| publishDate |
2012 |
| url |
http://documents.worldbank.org/curated/en/2006/04/6691780/competition-performance-hungarian-second-pillar http://hdl.handle.net/10986/8331 |
| _version_ |
1764405786632519680 |